In the United States, 227,000 people filed for unemployment benefits for the first time from August 4 to 10, marking a decrease for the second consecutive week.
The Department of Labor reported yesterday that initial unemployment claims totaled 227,000 last week, down 7,000 from the previous week’s figure of 234,000. This number also fell short of market experts’ expectations, which had anticipated 235,000 claims.
From July 28 to August 3, the number of continuing unemployment claims—referring to those who have received benefits for more than two weeks—stood at 1,864,000. This decreased by 7,000 from the prior week’s count of 1,871,000. Despite this slight drop, continuing claims have risen since late April and remain at their highest level since 2021. High continuing claims suggest that many individuals have difficulty finding new employment promptly after losing their jobs.
In August, the July employment report exceeded expert forecasts, leading to increased scrutiny of employment trends amid growing concerns about a potential U.S. economic recession. The U.S. unemployment rate rose to 4.3% in July, the highest since October 2021.
